Newhall Co. Sells Acreage, Cable TV for $10.8 Million
The sale of three of its properties for about $10.8 million in cash has been reported by Newhall Land & Farming Co.
James F. Dickason, chairman of Newhall Management Corp., the managing general partner, said, “The three sales will contribute about $9 million, or 99 cents per partnership unit, to third-quarter net income. The taxable gain will be about $6.6 million and average 73 cents per unit.”
A transaction to sell a 38-acre parcel in the Hasley Canyon area of the Newhall Ranch, north of Valencia, announced on May 23, has closed escrow, Dickason said. The land was purchased by Presley of Southern California, an Irvine-based developer, for housing.
The other two properties include a 5.76-acre parcel in the Valencia Industrial Center, bought by Saunders Development Corp. of Woodland Hills, and the company’s 20% interest in Concord TV Cable in Northern California. That interest was sold to Western Communications Inc. of Walnut Creek, Calif., which already owned the other 80%.
The Newhall Land & Farming Co. (a California limited partnership) is one of California’s largest land resource companies with operations in real estate and agriculture.
